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Sep 28, 2012
09/12
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>> is madrid more important than chicago? >> at least it is today. we wanted to see what the needs would be for the spanish banks. the numbers that they put out today after this exhaustive examination. >> do you breath numbers? >> the market believes them now. they came about in line with expectations. the number could change depending on what happens with the spanish economy and if real estate prices fall even further. you think more of this like a tradeoff. if the capital requirements had been even bigger it would have meant they were going to clear the real estate market faster because they would have pushed prices even lower and vul turs would have gotten in there. >> i think we need to talk about your question which is do you believe it? skeptics i know. >> we spent two years waiting for them to -- this should have been done three years ago. >> yes. >> there was an independent consultant here. if we'd done that, it is a major step forward to where we should have been back two years ago. >> do you believe the numbers? >> yeah. i think these numbe
>> is madrid more important than chicago? >> at least it is today. we wanted to see what the needs would be for the spanish banks. the numbers that they put out today after this exhaustive examination. >> do you breath numbers? >> the market believes them now. they came about in line with expectations. the number could change depending on what happens with the spanish economy and if real estate prices fall even further. you think more of this like a tradeoff. if the...
182
182
Sep 4, 2012
09/12
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we want to be in your capitals telling you what to do and i don't think madrid or rome are ready to do that. >> i wonder if the phrase "the bond buying plan" coming from the ecb thursday is a little overstated. i think they may hold back in part because you have that german court ruling next week. i'm not sure how much we will get, a little more than we had. i don't think they will be ready to roll out the term sheet and be explicit what they will give the market until after that ruling. >> i agree with steve. i can't imagine what mr. gragg hi will say that will satisfy the markets at this point. the financial press brought themselves into a laster over the idea there will be an elaborate program, yield caps and convinced themselves there will be an elaborate program. >> we know that's under discussion and know the ecb said they will come in. the exact mechanism to come in has been leaked out and we know they're talking about it. i don't know if we will get what we want, like a term sheet, here's the details on thursday. i'm being told they may hold back because of this court ruling. >
we want to be in your capitals telling you what to do and i don't think madrid or rome are ready to do that. >> i wonder if the phrase "the bond buying plan" coming from the ecb thursday is a little overstated. i think they may hold back in part because you have that german court ruling next week. i'm not sure how much we will get, a little more than we had. i don't think they will be ready to roll out the term sheet and be explicit what they will give the market until after...
102
102
Sep 26, 2012
09/12
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there was a lot of violence in madrid as thousands of protesters tried to surround the parliament shouting, let us in, we want to evict you. the reason they are protesting is because on thursday the government will reveal budget reforms, changes to cuts in social spending, rising taxes, we're pretty sure of as well. we don't know the details yet. they know it will be painful and they are unhappy pause they have suffered a lot. this is a country with high levels of unemployment. in the last hour, the prime minister of spain has been speaking with editors at the wall street journal. rajoy revealed some of the budget changes they will announce tomorrow including no more early retirement. he's saying there were a lot of people allowed to retire at age 60. now they have to wait until age 65. this might be a disappointment to europe. they expected him to say you can't retire until you are 67 and speed up the process to work longer. they will have an agency to monitor spending there and they are talking about new job training programs. i don't know where they will get the money for that and more
there was a lot of violence in madrid as thousands of protesters tried to surround the parliament shouting, let us in, we want to evict you. the reason they are protesting is because on thursday the government will reveal budget reforms, changes to cuts in social spending, rising taxes, we're pretty sure of as well. we don't know the details yet. they know it will be painful and they are unhappy pause they have suffered a lot. this is a country with high levels of unemployment. in the last...
131
131
Sep 27, 2012
09/12
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here you see some of the violence that's been going on in madrid in the last couple weeks, in the last few days really. i was in barcelona for a week. there wasn't the rioting but there is in nationalist cat lonian fervor that is under way there. and they're talking about seceding from spain. it's a crazy idea. >> they've been talking about it for 30 years. it's not new. i know you just discovered barcelona but it's not new. >> the majority of the catalonian parliament has come out in favor of secession. that's -- >> are you sure? >> 83 of the 135. >> and that's new? >> that has not been that way before. that's moving in that direction. >> i stand corrected. >> what we're seeing here is the budget news is more aggressive than people thought. we had a nice rally when the numbers came out because people were thinking they weren't going to dot cuts, the spending cuts people thought and they actually ended up doing it -- >> i think it's also the legal changes they're promising over the next six months, which would be what the european union would demand for them to get the bailout on the b
here you see some of the violence that's been going on in madrid in the last couple weeks, in the last few days really. i was in barcelona for a week. there wasn't the rioting but there is in nationalist cat lonian fervor that is under way there. and they're talking about seceding from spain. it's a crazy idea. >> they've been talking about it for 30 years. it's not new. i know you just discovered barcelona but it's not new. >> the majority of the catalonian parliament has come out...